Connect Biopharma reports 1H net income $7.6M vs. net loss ($30.5M) 1H last year

Cash, cash equivalents and short-term investments were $110.2M as of June 30 compared with $118.7M as of December 31, 2023. The decrease was mainly due to cash used to advance the Company’s clinical programs and fund its operations, offset by partnership payments received from Simcere. The Company has continued to control spend, allowing it to extend its cash runway. Based on its current operating plans, management believes the Company has sufficient cash and investments to support planned operations into at least the first half of 2027.Revenue for the six months ended June 30, 2024, totaled $24.1M, as the Company began recognizing revenue from the license and collaboration agreement executed with Simcere in November 2023. R&D expenses for the six months ended June 30, totaled $13.3M compared with $26.6 M for the six months ended June 30, 2023, a decrease of $13.3M primarily due to fewer clinical trials, less drug product manufacturing activity, and lower personnel costs due to fewer research and development headcount compared to the prior period.